Actuant Corporation (NYSE: ATU) today announced results for its
fourth quarter and fiscal year ended August 31, 2016.
Fourth Quarter
Highlights
- Fourth quarter total sales declined 8%
year-over-year with unfavorable foreign currency exchange rate
changes negatively impacting sales by 1%, and the net benefit of
acquisitions and divestitures adding 4%. Core sales were 11% lower
year-over-year (total sales excluding the impact of acquisitions,
divestitures and foreign currency rate changes).
- GAAP diluted earnings per share (“EPS”)
were $0.29 in the fourth quarter of fiscal 2016 versus $0.37 in the
prior year. Excluding fourth quarter fiscal 2016 restructuring
charges of $0.03 per share, and a net $0.02 per share divestiture
gain, adjusted EPS was $0.30 (see “Consolidated Results” below and
the attached reconciliation of earnings).
- Restructuring activities continued with
$3.1 million of pre-tax charges ($0.03 per share) incurred in the
fourth quarter related to facility consolidations, structural
changes and staffing reductions.
- Divested Sanlo, a $10 million product
line in the Engineered Solutions segment, to simplify the
portfolio.
- Strong fourth quarter GAAP cash flow
from operating activities of $43 million, bringing the full year to
$118 million.
- Introduced fiscal 2017 full year sales
and EPS guidance of $1.075-1.125 billion and $1.00-1.20,
respectively, excluding restructuring charges.
Randy Baker, President and CEO of Actuant, commented, “Fourth
quarter sales and adjusted operating results were in line with our
expectations. End user demand across our diverse industrial markets
appears to be stable at near trough levels. As anticipated, the
fourth quarter core sales rate of change was weaker than the third
quarter due to further customer destocking within Engineered
Solutions and the conclusion of certain large projects within
Energy. Margins continued to be adversely impacted by reduced sales
volumes, unfavorable business mix and lower production and
absorption levels. The pace of restructuring actions remains on
track and we have been accelerating lean manufacturing efforts
within the businesses to drive additional savings. Our recent
acquisitions contributed nicely to the quarter’s financial results.
We were especially pleased with the strong fourth quarter cash flow
driving our 16th consecutive year of free cash flow conversion of
net earnings in excess of 100%, which provides the capital for
future growth investments. The divestiture of the Sanlo product
line in the quarter demonstrates the measured portfolio shifts we
expect to continue in order to build a more resilient Actuant. In
summary, in this tepid demand environment our focus remains on
tightly managing costs while continuing to invest in our best
businesses.”
Consolidated Results
Consolidated sales for the fourth quarter were $276 million, 8%
below the $300 million in the comparable prior year quarter. Core
sales declined 11%, unfavorable foreign currency exchange rate
changes negatively impacted sales by 1% and the net impact of
acquisitions and divestitures added 4%. Fiscal 2016 fourth quarter
earnings and EPS were $17.4 million, and $0.29 per share, compared
to $22.1 million and $0.37 per share, respectively, in the
comparable prior year quarter. The fourth quarter of 2016 included
a $5.1 million pre-tax loss ($1.6 million or $0.02 per share
after-tax gain) on the Sanlo product line divestiture. It also
included $3.1 million in pre-tax restructuring charges ($2.1
million or $0.03 per share after-tax). Excluding these items,
adjusted fiscal 2016 fourth quarter EPS was $0.30 compared to $0.37
in the prior year quarter due primarily to lower prior year income
tax expense (see attached reconciliation of earnings).
Sales for the fiscal year ended August 31, 2016 were $1,149
million, 8% lower than the $1,249 million in the prior year.
Excluding the 3% decline from the stronger US dollar and 1% benefit
from acquisitions net of divestitures, full year core sales
declined 6%. The full year fiscal 2016 net loss was $105.2 million
or $1.78 per share, compared to earnings of $19.9 million or $0.32
per share in the prior year. Excluding impairment charges in both
years, fiscal 2016 restructuring charges of $14.6 million ($0.17
per share), and the Sanlo divestiture, fiscal 2016 adjusted EPS was
$1.22 compared to $1.65 in the prior year (see attached
reconciliation of earnings).
Segment Results
Industrial Segment
(US $ in millions)
Three Months Ended
August 31,
Year Ended
August 31,
2016 2015 2016 2015 Sales $94.0 $100.0 $359.8 $402.5
Operating Profit $20.8 $26.3 $79.8 $105.7 Adjusted Op Profit (1)
$22.1 $26.3 $82.9 $105.7 Adjusted Op Profit % (1) 23.6% 26.3% 23.0%
26.3%
(1) 2016 excludes $1.4 and $3.1 of
restructuring charges in the fourth quarter and full year,
respectively.
Fourth quarter fiscal 2016 Industrial segment sales were $94
million, 6% lower than the comparable prior year period. The Larzep
acquisition added 2% to fourth quarter 2016 sales growth while
currency translation was neutral resulting in a core sales decline
of 8%. Integrated Solutions sales improved on a year-over-year
basis due to higher standard product sales, yet project activity
remains lumpy. Industrial Tool demand declined year-over-year, the
result of continued tepid global activity across most served
markets. North America remains the weakest region. While monthly
order rates are erratic, the demand trend appears to be stable at
the low run rate. Fourth quarter adjusted operating margins
declined year-over-year primarily due to the impacts of lower sales
and unfavorable mix.
Energy Segment
(US $ in millions)
Three Months Ended
August 31,
Year Ended
August 31,
2016 2015 2016 2015 Sales $91.4 $100.8 $392.7 $411.9
Operating Profit (Loss) $8.3 $9.1 $(107.5) $(41.4) Adjusted Op
Profit (2) $8.9 $9.1 $38.9 $43.0 Adjusted Op Profit % (2) 9.8% 9.0%
9.9% 10.4%
(2) 2016 excludes $0.7 and $5.5 of
restructuring charges in the fourth quarter and full year,
respectively. Full year results also exclude impairment charges of
$140.8 million and $84.4 million in 2016 and 2015,
respectively.
Fiscal 2016 fourth quarter Energy segment sales declined 9%
year-over-year to $91 million. Excluding the unfavorable 4% foreign
currency headwind, and 10% acquisition benefit, core sales declined
15%, in line with expectations. Core sales in the maintenance
focused Hydratight business declined modestly, after delivering
robust growth throughout the fiscal year. This lumpy demand pattern
is typical and reflects the wind-up of certain large projects as
well as maintenance push outs and scope reductions in oil &
gas. The segment’s upstream oil & gas sales declined
substantially year-over year, yet were sequentially similar to the
third quarter, reflecting continued weak energy capital spending.
The segment continues to successfully redirect resources to its
non-oil & gas product lines which delivered sales growth in the
quarter. Fourth quarter adjusted operating profit margin improved
despite the high decremental margins at Viking, due primarily to
the benefit of cost reduction actions throughout the segment as
well as favorable mix within Cortland.
Engineered Solutions Segment
(US $ in millions)
Three Months Ended
August 31,
Year Ended
August 31,
2016 2015 2016 2015 Sales $90.3 $99.5 $396.9 $434.9
Operating Profit (Loss) $(5.0) $3.2 $(43.0) $19.8 Adjusted Op
Profit (3) $0.9 $3.2 $13.2 $19.8 Adjusted Op Profit % (3) 1.0% 3.2%
3.3% 4.6%
(3) 2016 excludes $0.9 and $5.4 of
restructuring charges in the fourth quarter and full year,
respectively. 2016 fourth quarter and full year results exclude the
$5.1 million pre-tax loss on the Sanlo divestiture. Finally, 2016
full year results also exclude impairment charges of $45.7
million.
Fourth quarter fiscal 2016 Engineered Solutions segment sales
were $90 million, 9% below the prior year. The fourth quarter Sanlo
divestiture took place at the end of the quarter and had no
meaningful impact on the sales comparison. Segment core sales
declined 9% as destocking by off-highway and agriculture OEMs
continued to accelerate in the fourth quarter, which more than
offset increases in European and China heavy-duty truck sales.
Fourth quarter adjusted operating profit margin declined
year-over-year on lower volumes and manufacturing absorption, as
well as a $1.8 million warranty provision.
Corporate and Income Taxes
Corporate expenses of $5.6 million in the fourth quarter of
fiscal 2016 were $4.2 million below the prior year which included
an adverse legal matter and former CEO separation costs. In
addition, the current year quarter benefitted from prior cost
reduction actions. Fourth quarter income taxes included a $6.6
million benefit resulting from the Sanlo divestiture. Excluding
restructuring and the Sanlo divestiture, the approximate 6% fourth
quarter effective tax rate was in line with expectations but higher
than last year’s negative rate which benefited from favorable
adjustments.
Financial Position
Net debt at August 31, 2016 was $405 million (total debt of $585
million less $180 million of cash), which was $45 million lower
than the prior quarter end due to strong cash flow and
approximately $10 million of proceeds from the Sanlo divestiture.
Partially offsetting this was $3 million of cash used to repurchase
approximately 0.1 million shares of common stock. At August 31,
2016, the Company had a net debt to EBITDA leverage ratio of 2.5
times.
Outlook
Baker continued, “Looking into fiscal 2017, we currently do not
see a catalyst to meaningfully improve overall end market
conditions. The first half in particular is expected to continue
recent core sales trends, OEM destocking, and difficult
comparisons, notably in large project activity in Energy. We do
expect these factors to give way to sequential year-over-year
improvement in the back half of the fiscal year. We will continue
to press ahead where we see self-help opportunities. We are
actively pursuing sales growth above market rates through share
capture and geographic expansion, remain focused on increasing
maintenance orders, and are positioning the portfolio to support
our best businesses. Through these efforts, and supported by our
renewed operational discipline, we expect to translate a lower
sales environment into operating profit margin growth in fiscal
2017.
We currently project full year fiscal 2017 sales in the range of
$1.075 - 1.125 billion, reflecting a core sales decline of 2-6%.
EPS (excluding restructuring charges) is expected to be in the
range of $1.00-1.20, reflecting lower sales and a higher effective
tax rate (estimated at approximately 15%), offset by the benefit of
cost reduction actions. Full year free cash flow is expected to be
in the range of $85-95 million. First quarter guidance includes
sales in the $260-270 million range on a 14-16% core sales decline,
and EPS of $0.14-0.19 (excluding restructuring charges). The first
quarter of fiscal 2016 included a sizable Energy maintenance
project which exacerbates the year-over-year decline.
As always, our guidance excludes the impact of potential future
acquisitions, divestitures, and stock buybacks, which will be
incorporated into future quarterly guidance updates as they
occur.”
In closing, Baker stated, “Actuant is investing in its best
businesses through both organic and acquisition focused efforts, is
reinvigorating its lean initiative to improve the cost structure,
and is building a culture of performance, all of which are expected
to create long-term shareholder value.”
Conference Call
Information
An investor conference call is scheduled for 10am CT today,
September 28, 2016. Webcast information and conference call
materials will be made available on the Actuant company website
(www.actuant.com) prior to the start of the call.
Safe Harbor
Certain of the above comments represent forward-looking
statements made pursuant to the provisions of the Private
Securities Litigation Reform Act of 1995. Management cautions that
these statements are based on current estimates of future
performance and are highly dependent upon a variety of factors,
which could cause actual results to differ from these estimates.
Actuant’s results are also subject to general economic conditions,
variation in demand from customers, the impact of geopolitical
activity on the economy, continued market acceptance of the
Company’s new product introductions, the successful integration of
acquisitions, restructuring, operating margin risk due to
competitive pricing and operating efficiencies, supply chain risk,
material and labor cost increases, foreign currency fluctuations
and interest rate risk. See the Company’s Form 10-K filed with the
Securities and Exchange Commission for further information
regarding risk factors. Actuant disclaims any obligation to
publicly update or revise any forward-looking statements as a
result of new information, future events or any other reason.
About Actuant
Corporation
Actuant Corporation is a diversified industrial company serving
customers from operations in more than 30 countries. The Actuant
businesses are leaders in a broad array of niche markets including
branded hydraulic tools and solutions, specialized products and
services for energy markets and highly engineered position and
motion control systems. The Company was founded in 1910 and is
headquartered in Menomonee Falls, Wisconsin. Actuant trades on the
NYSE under the symbol ATU. For further information on Actuant and
its businesses, visit the Company's website at www.actuant.com.
(tables follow)
Actuant Corporation Condensed Consolidated Balance
Sheets (Dollars in thousands) (Unaudited)
August 31, August 31, 2016 2015
ASSETS Current assets Cash and cash equivalents $
179,604 $ 168,846 Accounts receivable, net 186,829 193,081
Inventories, net 130,756 142,752 Deferred income taxes - 12,922
Other current assets 45,463 42,788
Total current assets 542,652 560,389 Property, plant and
equipment, net 114,015 142,458 Goodwill 519,276 608,256 Other
intangible assets, net 239,475 308,762 Other long-term assets
27,120 17,052 Total assets $
1,442,538 $ 1,636,917
LIABILITIES
AND SHAREHOLDERS' EQUITY Current liabilities Trade accounts
payable $ 115,051 $ 118,115 Accrued compensation and benefits
46,901 43,707 Current maturities of debt and short-term borrowings
18,750 3,969 Income taxes payable 9,254 14,805 Other current
liabilities 51,956 54,460 Total current
liabilities 241,912 235,056 Long-term debt 565,559 584,309
Deferred income taxes 31,356 72,941 Pension and postretirement
benefit accruals 25,667 17,828 Other long-term liabilities
57,094 53,782 Total liabilities 921,588
963,916 Shareholders' equity Capital stock 15,879 15,787
Additional paid-in capital 114,980 104,308 Treasury stock (617,731
) (600,630 ) Retained earnings 1,259,645 1,367,176 Accumulated
other comprehensive loss (251,823 ) (213,640 ) Stock held in trust
(2,646 ) (4,292 ) Deferred compensation liability 2,646
4,292 Total shareholders' equity
520,950 673,001 Total liabilities and
shareholders' equity $ 1,442,538 $ 1,636,917
Actuant Corporation Condensed Consolidated Statements of
Operations (Dollars in thousands except per share
amounts) (Unaudited)
Three Months Ended Twelve Months Ended August
31, August 31, August 31, August 31,
2016 2015 2016 2015
Net sales $ 275,769 $ 300,384 $ 1,149,410 $ 1,249,254 Cost
of products sold 179,489 193,841
746,013 787,414 Gross profit 96,280 106,543 403,397
461,840 Selling, administrative and engineering expenses
64,295 71,792 274,497 299,601 Amortization of intangible assets
5,596 5,970 22,943 24,332 Loss on product line divestiture 5,092 -
5,092 - Restructuring charges 3,113 - 14,571 - Impairment charges
- - 186,511 84,353
Operating profit (loss) 18,184 28,781 (100,217 ) 53,554
Financing costs, net 7,532 7,374 28,768 28,057 Other expense
(income), net (246 ) 595 1,359
106 Income (loss) before income tax expense (benefit) 10,898
20,812 (130,344 ) 25,391 Income tax (benefit) expense
(6,504 ) (1,266 ) (25,170 ) 5,519 Net income
(loss) $ 17,402 $ 22,078 $ (105,174 ) $ 19,872
Earnings (loss) per share Basic $ 0.30 $ 0.37 $ (1.78 ) $
0.32 Diluted 0.29 0.37 (1.78 ) 0.32
Weighted average
common shares outstanding Basic 58,938 59,314 59,010 61,262
Diluted 59,598 59,897 59,010 62,055
Actuant Corporation
Condensed Consolidated Statements of Cash Flows (In
thousands) (Unaudited)
Three Months Ended
Twelve Months Ended August 31,
August 31, August 31, August 31,
2016 2015 2016 2015 Operating
Activities Net earnings (loss) $ 17,402 $ 22,078 $ (105,174 ) $
19,872 Adjustments to reconcile net loss to net cash provided by
operating activities: Impairment charges net of deferred tax
benefits - - 169,056 82,635 Depreciation and amortization 11,558
13,004 47,777 53,239 Stock-based compensation expense 2,874 2,809
10,442 12,046
Gain on product line divestiture, net of
deferred tax benefits
(1,557 ) - (1,557 ) - Amortization of debt issuance costs 413 568
1,652 1,897 Other non-cash adjustments (57 ) 392 (517 ) 805 Changes
in components of working capital and other: Accounts receivable
12,506 24,142 20,261 12,827 Inventories 4,766 11,684 10,202 6,608
Trade accounts payable (4,229 ) (11,523 ) (7,727 ) (19,801 )
Prepaid expenses and other assets 4,691 6,832 (3,291 ) (8,761 )
Income tax accounts 3,014 20,467 (25,319 ) (23,850 ) Accrued
compensation and benefits 182 2,742 4,565 (6,478 ) Other accrued
liabilities (8,857 ) (5,385 ) (2,673 )
395 Cash provided by operating activities 42,706 87,810
117,697 131,434
Investing Activities Capital
expenditures (4,586 ) (5,282 ) (20,209 ) (22,516 ) Proceeds from
sale of property, plant and equipment 661 358 9,296 1,244 Business
acquisitions, net of cash acquired (1,242 ) - (81,916 ) - Proceeds
from sale of product line, net of transaction costs 9,695
- 9,695 - Cash
provided by (used in) investing activities 4,528 (4,924 ) (83,134 )
(21,272 )
Financing Activities Net borrowings
(repayments) on revolving credit facility - 220 (210 ) 220
Principal repayments on term loan (3,750 ) - (3,750 ) (3,375 )
Proceeds from term loan - - - 213,375 Redemption of 5.625% Senior
Notes - (11,941 ) - (11,941 ) Purchase of treasury shares (2,976 )
(7,376 ) (17,101 ) (212,003 ) Debt issuance costs - (150 ) - (2,025
) Taxes paid related to the net share settlement of equity awards
(65 ) (122 ) (1,409 ) (2,466 ) Stock option exercises, related tax
benefits and other 687 350 6,416 5,396 Cash dividend -
- (2,376 ) (2,598 ) Cash used in
financing activities (6,104 ) (19,019 ) (18,430 ) (15,417 )
Effect of exchange rate changes on cash 1,385
(3,146 ) (5,375 ) (34,911 ) Net increase in cash and
cash equivalents 42,515 60,721 10,758 59,834 Cash and cash
equivalents - beginning of period 137,089
108,125 168,846 109,012 Cash and
cash equivalents - end of period $ 179,604 $ 168,846
$ 179,604 $ 168,846
ACTUANT CORPORATION
SUPPLEMENTAL UNAUDITED DATA FROM CONTINUING OPERATIONS
(Dollars in thousands)
FISCAL 2015
FISCAL 2016 Q1 Q2 Q3
Q4 TOTAL Q1 Q2
Q3 Q4 TOTAL SALES
INDUSTRIAL SEGMENT $ 102,413 $ 96,488 $ 103,546 $ 100,016 $ 402,463
$ 88,870 $ 81,189 $ 95,750 $ 94,008 $ 359,817 ENERGY SEGMENT
111,522 100,211 99,296 100,846 411,875 113,763 86,224 101,300
91,443 392,730 ENGINEERED SOLUTIONS SEGMENT 113,830
104,306 117,258
99,522 434,916 102,378
95,876 108,291
90,318 396,863 TOTAL $
327,765 $ 301,005 $ 320,100
$ 300,384 $ 1,249,254 $ 305,011
$ 263,289 $ 305,341 $ 275,769
$ 1,149,410
% SALES GROWTH
INDUSTRIAL SEGMENT 4 % 3 % -6 % -11 % -3 % -13 % -16 % -8 % -6 %
-11 % ENERGY SEGMENT 3 % -5 % -21 % -18 % -11 % 2 % -14 % 2 % -9 %
-5 % ENGINEERED SOLUTIONS SEGMENT -14 % -19 % -18 % -17 % -17 % -10
% -8 % -8 % -9 % -9 % TOTAL -3 % -8 % -15 % -15 % -11 % -7 % -13 %
-5 % -8 % -8 %
OPERATING PROFIT (LOSS) INDUSTRIAL
SEGMENT $ 26,705 $ 23,517 $ 29,165 $ 26,267 $ 105,654 $ 21,263 $
17,003 $ 22,519 $ 22,144 $ 82,929 ENERGY SEGMENT 12,442 8,680
12,774 9,106 43,002 12,124 5,348 12,438 8,941 38,851 ENGINEERED
SOLUTIONS SEGMENT 6,278 2,010 8,313 3,188 19,789 4,937 2,555 4,768
927 13,187 CORPORATE / GENERAL (7,207 ) (6,301
) (7,250 ) (9,780 )
(30,538 ) (8,573 ) (6,928 )
(7,886 ) (5,623 ) (29,010 ) ADJUSTED
OPERATING PROFIT $ 38,218 $ 27,906 $ 43,002 $ 28,781 $ 137,907 $
29,751 $ 17,978 $ 31,839 $ 26,389 $ 105,957 IMPAIRMENT CHARGES -
(84,353 ) - - (84,353 ) - (186,511 ) - - (186,511 ) LOSS ON SANLO
PRODUCT LINE DIVESTITURE - - - - - - - - (5,092 ) (5,092 )
RESTRUCTURING CHARGES - -
- - -
(4,380 ) (3,582 ) (3,496 )
(3,113 ) (14,571 ) OPERATING PROFIT $
38,218 $ (56,447 ) $ 43,002 $
28,781 $ 53,554 $ 25,371 $
(172,115 ) $ 28,343 $ 18,184 $
(100,217 )
OPERATING PROFIT % INDUSTRIAL SEGMENT 26.1
% 24.4 % 28.2 % 26.3 % 26.3 % 23.9 % 20.9 % 23.5 % 23.6 % 23.0 %
ENERGY SEGMENT 11.2 % 8.7 % 12.9 % 9.0 % 10.4 % 10.7 % 6.2 % 12.3 %
9.8 % 9.9 % ENGINEERED SOLUTIONS SEGMENT 5.5 % 1.9 % 7.1 % 3.2 %
4.6 % 4.8 % 2.7 % 4.4 % 1.0 % 3.3 % ADJUSTED OPERATING PROFIT %
11.7 % 9.3 % 13.4 % 9.6 % 11.0 % 9.8 % 6.8 % 10.4 % 9.6 % 9.2 %
EBITDA INDUSTRIAL SEGMENT $ 28,715 $ 25,534 $ 31,194
$ 27,968 $ 113,411 $ 22,959 $ 18,829 $ 24,686 $ 24,209 $ 90,683
ENERGY SEGMENT 20,011 15,732 19,278 15,348 70,369 18,348 10,968
16,819 13,717 59,852 ENGINEERED SOLUTIONS SEGMENT 11,514 5,603
12,294 6,635 36,046 8,498 6,882 8,504 5,270 29,154 CORPORATE /
GENERAL (7,875 ) (5,111 ) (7,037
) (8,770 ) (28,793 ) (8,201 )
(6,552 ) (7,560 ) (5,182
) (27,495 ) ADJUSTED EBITDA $ 52,365 $ 41,758 $
55,729 $ 41,181 $ 191,033 $ 41,604 $ 30,127 $ 42,449 $ 38,014 $
152,194 IMPAIRMENT CHARGES - (84,353 ) - - (84,353 ) - (186,511 ) -
- (186,511 ) LOSS ON SANLO PRODUCT LINE DIVESTITURE - - - - - - - -
(5,092 ) (5,092 ) RESTRUCTURING CHARGES -
- - -
- (4,380 ) (3,582 )
(3,496 ) (3,113 ) (14,571
) EBITDA $ 52,365 $ (42,595 ) $ 55,729
$ 41,181 $ 106,680 $ 37,224
$ (159,966 ) $ 38,953 $ 29,809
$ (53,980 )
EBITDA % INDUSTRIAL SEGMENT 28.0 %
26.5 % 30.1 % 28.0 % 28.2 % 25.8 % 23.2 % 25.8 % 25.8 % 25.2 %
ENERGY SEGMENT 17.9 % 15.7 % 19.4 % 15.2 % 17.1 % 16.1 % 12.7 %
16.6 % 15.0 % 15.2 % ENGINEERED SOLUTIONS SEGMENT 10.1 % 5.4 % 10.5
% 6.7 % 8.3 % 8.3 % 7.2 % 7.9 % 5.8 % 7.3 % ADJUSTED EBITDA % 16.0
% 13.9 % 17.4 % 13.7 % 15.3 % 13.6 % 11.4 % 13.9 % 13.8 % 13.2 %
ACTUANT CORPORATION SUPPLEMENTAL UNAUDITED DATA
RECONCILIATION OF GAAP MEASURE TO NON-GAAP MEASURES
(Dollars in thousands, except for per share amounts)
FISCAL 2015 FISCAL 2016
Q1 Q2 Q3 Q4
TOTAL Q1 Q2 Q3
Q4 TOTAL ADJUSTED EARNINGS (1) NET
EARNINGS (LOSS) $ 24,674 $ (64,838 ) $ 37,958 $ 22,078 $ 19,872 $
15,448 $ (159,190 ) $ 21,166 $ 17,402 $ (105,174 ) IMPAIRMENT
CHARGES - 84,353 - - 84,353 - 186,511 - - 186,511 INCOME TAX
BENEFIT ON IMPAIRMENT CHARGES - (1,717 ) - - (1,717 ) - (17,455 ) -
- (17,455 ) LOSS ON SANLO PRODUCT LINE DIVESTITURE - - - - - - - -
5,092 5,092 INCOME TAX BENEFIT ON SANLO PRODUCT LINE DIVESTITURE -
- - - - - - - (6,649 ) (6,649 ) RESTRUCTURING CHARGES - - - - -
4,380 3,582 3,496 3,113 14,571 INCOME TAX BENEFIT ON RESTRUCTURING
CHARGES - - -
- - (1,182 )
(1,185 ) (994 ) (960 )
(4,321 ) ADJUSTED EARNINGS $ 24,674 $ 17,798
$ 37,958 $ 22,078 $
102,508 $ 18,646 $ 12,263 $
23,668 $ 596 $ 72,575
ADJUSTED EARNINGS PER SHARE (1) NET EARNINGS (LOSS) $ 0.38 $
(1.05 ) $ 0.63 $ 0.37 $ 0.32 $ 0.26 $ (2.70 ) 0.36 $ 0.29 $ (1.78 )
IMPAIRMENT CHARGES - 1.33 - - 1.33 - 3.16 - - 3.16 INCOME TAX
BENEFIT ON IMPAIRMENT CHARGES - - - - - - (0.30 ) - - (0.30 ) LOSS
ON SANLO PRODUCT LINE DIVESTITURE - - - - - - - - 0.09 0.08 INCOME
TAX BENEFIT ON SANLO PRODUCT LINE DIVESTITURE - - - - - - - - (0.11
) (0.11 ) RESTRUCTURING CHARGES - - - - - 0.07 0.06 0.06 0.05 0.24
INCOME TAX BENEFIT ON RESTRUCTURING CHARGES -
- - -
- (0.02 ) (0.02 )
(0.02 ) (0.02 ) (0.07 ) ADJUSTED
EARNINGS PER SHARE $ 0.38 $ 0.28 $ 0.63
$ 0.37 $ 1.65 $ 0.31 $
0.21 $ 0.40 $ 0.30 $ 1.22
EBITDA (2) NET EARNINGS (LOSS) (GAAP
MEASURE) $ 24,674 $ (64,838 ) $ 37,958 $ 22,078 $ 19,872 $ 15,448 $
(159,190 ) $ 21,166 $ 17,402 $ (105,174 ) FINANCING COSTS, NET
6,191 7,030 7,462 7,374 28,057 7,117 6,866 7,253 7,532 28,768
INCOME TAX EXPENSE (BENEFIT) 7,792 1,980 (2,987 ) (1,266 ) 5,519
2,187 (20,026 ) (827 ) (6,504 ) (25,170 ) DEPRECIATION &
AMORTIZATION 13,708 13,233
13,296 12,995
53,232 12,472 12,384
11,361 11,379
47,596 EBITDA $ 52,365 $ (42,595 ) $ 55,729 $ 41,181
$ 106,680 $ 37,224 $ (159,966 ) $ 38,953 $ 29,809 $ (53,980 )
IMPAIRMENT CHARGES - 84,353 - - 84,353 - 186,511 - - 186,511 LOSS
ON SANLO PRODUCT LINE DIVESTITURE - - - - - - - - 5,092 5,092
RESTRUCTURING CHARGES - -
- - - 4,380
3,582 3,496
3,113 14,571 ADJUSTED EBITDA $
52,365 $ 41,758 $ 55,729 $
41,181 $ 191,033 $ 41,604 $
30,127 $ 42,449 $ 38,014
$ 152,194
FOOTNOTES NOTE: The total of
the individual quarters may not equal the annual total due to
rounding. (1) Adjusted earnings and adjusted earnings per
share represent net earnings (loss) and earnings (loss) per share
per the Condensed Consolidated Statements of Operations net of
charges or credits for items to be highlighted for comparability
purposes. These measures should not be considered as an alternative
to net earnings (loss) or earnings (loss) per share or as an
indicator of the Company's operating performance. However, this
presentation is important to investors for understanding the
operating results of the current portfolio of Actuant companies.
The total of the individual components may not equal due to
rounding. (2) EBITDA represents net earnings before
financing costs, net, income tax expense, and depreciation &
amortization. EBITDA is not a calculation based upon generally
accepted accounting principles (GAAP). The amounts included in the
EBITDA calculation, however, are derived from amounts included in
the Condensed Consolidated Statements of Operations data. EBITDA
should not be considered as an alternative to net earnings (loss),
operating profit (loss) or operating cash flows. Actuant has
presented EBITDA because it regularly reviews this performance
measure. In addition, EBITDA is used by many of our investors and
lenders, and is presented as a convenience to them. The EBITDA
measure presented may not always be comparable to similarly titled
measures reported by other companies due to differences in the
components of the calculation.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160928005637/en/
Actuant CorporationKaren BauerCommunications & Investor
Relations Leader262-293-1562
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